Minister of Finance Jim Flaherty makes announcement

This morning the Finance Minister Jim Flaherty made the following 3 announcements to mortgage insurance rules:

1. Variable mortgages qualified at five year fixed rates.
2. Refinancing limited to 90% instead of 95%
3. Non owner occupied residences require 20% down payment;

This announcement is the result of a review process on debt levels undertaken by the federal government the CAAMP has been actively engaged.